1-Day Analysis:
Big Picture: Over the previous two months, Ethereum has been fairly effective in maintaining its Range-Mid levels. This is a significant deal for the bulls, although up until now they have been unable to generate any exceptionally trending upsides. However, as the Range-Mid base strengthens and the dynamic levels begin to trend again, Ethereum may take a major leading front in the coming days, aiming for higher levels.
On the Upside some congestion is still noticed at 2690 to 2720 levels. This is the range that must be exceeded for Ethereum to have another aggressive upward move into the mid-mid levels of 2880 to 2905. Once challenged, this zone may see some significant profit-taking as well as a slowdown in price in the surrounding area. However, in general, staying above the Range-Mid keeps the upside headed at 3580 over the coming weeks. Some intra-day resistance at 2800 and 2835 is also being tracked.
On the Downside Ethereum had solid support from the 2615 and 2585 levels. Yesterday’s session saw some intra-day selling, but these supports stepped up and kept the price from falling further. These supports remain intact and will continue to serve as the session’s primary support levels. Meanwhile, below these, the next supports are at 2540 and 2480 levels.
